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The interest and penalties will seem like nothing compared to the late filing penalties. To be perfectly clear, a tax extension gives you more time to file your return, but not to pay your taxes.įile even if you don't have the money The final point I'd like to emphasize is that you should always file your return on time, or request an extension, even if you don't have the money to pay. Extension of due date for filing Service tax return.
#2016 TAX EXTENSION DUE FREE#
Instead of handling complicated IRS tax forms, file your current year return online each year with a free account - sign up here. Good News for those who did not file their Service Tax Return by the due date i.e., 25th A p ril for the half year ending March 31 st.The central government by notification has extended the time limit for filing the Service tax return till 29th A p ril, 2016. Complete and sign the forms online before printing and mailing them to the 2016 IRS mailing address. In the previous example of a $1,000 balance that's a year late, you would owe $30 in interest and $60 in penalties, unless you get it waived. Click the forms below to open them in the online editor. Unlike interest, the late payment penalty can be waived if you can show good cause for not paying on time. The late payment penalty is assessed in addition to interest and is 0.5% of any unpaid tax for each month or partial month it remains unpaid, up to a maximum of 25%. So, if you owe $1,000 and pay a year after the deadline, you'll owe $30 in interest. 2016 Business Corporate tax extension deadline approaching Call Sean Core CPA of Mesa right now for help. The IRS's interest rate can vary, and is 3% for underpayments as of the first quarter of 2016. 2018-19 can also be increased up to 15 th November 2019.You will owe interest on any tax not paid by the normal due date, even if you have a legitimate reason for not paying on time - such as being out of the country or some other hardship. 2017-18 to 30 th November 2019, then the extension of Tax Audit due date for F.Y. If the department can increase the due date of GST Audit of F.Y. There are several other deadline changes in the law, but they all are for 2015 returns due in 2016 (not 2014 returns due in 2015). It would had been great if CBDT has extended the due date up to 15 November 2019, as it would have provided more ease to the taxpayers and CAs as well. By extending the deadline, there would be no revenue loss to the Government. Moreover festivals such as Navratri, Dusshera & Diwali being in the upcoming month will definitely hamper the working.įiling ITRs and Tax Audit Reports is primarily an administrative exercise to inform the Income Tax Department about the payable tax. Considering the Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) had extended the due dates of various tax compliances to 30-04-2021 through various notifications issued under the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TLA Act, 2020).
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In days to come, there are occasions & compliances such as:Ĭonsidering the every month tax & other compliances coupled with festivals it is imperative to understand whether such extension will bring relief to the assessee and CA Fraternity or it will add more to the compliances to do list of October month. What follows is whether such extension is a moment to be cherished or not?
#2016 TAX EXTENSION DUE PROFESSIONAL#
Rs One crore in case of business receipts and Rs Twenty Five Lacs in case of professional receipts are. The tweet of extension from CBDT has brought much needed respite to taxpayers struggling with GST & other compliances. Tax payers whose business receipts exceed the limits as specified under Section 44AD (a) i.e. However, no formal notification has been issued for the same. The Central Board of Direct Taxes (CBDT) through its twitter account( New official way of communication) on 26 th September announced extension of Tax Audit due date from 30 th September 2019 to 31 st October 2019. Therefore, the extended ‘due date’ as per CBDT order dated 9th September, 2016 would also apply for. There were lots of debate and stress over the last two days on whether the income tax department would extend the due date or not, for filing of ITRs & Tax Audit Reports in respect of persons whose accounts are required to be audited. Extension of Due date is for both Tax Audit & ITR. TAX AUDIT DUE DATE EXTENSION: TO CHERISH OR NOT TO CHERISH?įinally, the tax audit & ITR filing date is extended from 30 th September 2019 to 31 st October 2019. Corporation Tax Income Tax DecemDue Date and Extension Changes Table These changes are generally effective for tax years beginning on or after January 1, 2016.